Reflections on Accountex Manchester: Key Takeaways on Gen Z and AI in Accounting
Earlier this week, at Accountex Manchester, we had the opportunity to hear insightful discussions on the future of the accounting profession, with two major themes standing out: the impact of Generation Z in the workplace and the growing influence of AI across accountancy firms. These topics sparked significant conversations around the evolving expectations on the profession and ultimately the role that Powdr can play in supporting accountants to offer advisory services to their clients.
Gen Z: The Workforce of the Future
One of the most striking sessions focused on Generation Z, the current younger workforce generation who have fresh expectations and expect a different approach to work, which was ran by Becky Glover. As firms look to recruit and retain top talent, understanding Gen Z’s needs is becoming crucial (and the shortly coming iGen, a term that was new to us!). The traditional tasks that often define accounting work aren’t as appealing to them as they might have been for previous generations and companies need to think differently about how they work to retain these individuals. Becky did however highlight that these can be your new secret weapon, utilising them with new technology and allowing them to fail first or earn that immediate gratification that might come with finding a new solution or improvements to support any firm.
Overall though, this new generation that’s now in the workforce has clear implications for how firms operate internally. There’s a growing expectation for roles that are dynamic and technology-driven, encouraging creativity and problem-solving. Gen Z is less inclined to spend hours on manual number-crunching and more interested in how they can make a strategic impact. This shift in mindset means firms need to adapt their workflows, technology stack, and job roles to offer the variation and excitement that keeps Gen Z engaged.
AI in Accountancy: A Productivity Game-Changer
The second theme revolved around AI’s role in transforming accounting practices which was mentioned across a number of the talks given. The adoption of AI technologies is no longer a distant trend; it’s here, and forward-thinking firms are already leveraging its potential to boost productivity. Those ahead of the curve are freeing up valuable time that would typically be spent on manual processes improving efficiency.
This shift to AI however is more than just about efficiency—it’s about enabling firms to become true partners in their clients’ long-term visions. With AI handling the repetitive and time-consuming work, accountants can focus on helping clients understand the financial levers they can pull to impact their cash flow. They can spend time educating them in things that will support them from a financial angle and arming them with tools they might not have known existed otherwise whilst supporting them from a more strategic angle.
This is not only going to boost the revenue of accounting firms but, by supporting businesses in more of an advisory and education role, it should lead to stronger, healthier businesses, lead by more informed leaders and thus an overall improved economy.
As trusted advisors, it’s obvious that accountants have a big role to play in this!
Powdr: Supporting Firms in Financial Forecasting
At Powdr, we’re at the forefront of helping accountancy firms and bookkeepers leverage this potential to step into more strategic roles in supporting their clients. Financial modelling (looking beyond a 3 month period) is a specialist skill, and building integrated 3 statement models is time consuming and difficult, with complex linkages to consider across the P&L, BS and Cash Flow.
Our software solution allow firms to self build an integrated model in a matter of hours rather than days/weeks. This allows firms to offer an additional arm to their customers, helping them to build their strategy out into a full forecast view. By focussing on delivering value to their clients in understanding how different scenarios can impact their bottom line and supporting them with beneficial analysis that can ultimately support their business they can increase their revenues and profit by taking advantage of the extra hours they now have due to the increased productivity brought about by the use of AI.
By partnering with us, accountancy firms can dedicate more time to what truly matters—guiding their clients through strategic decisions, and providing insights that drive business growth. This approach also resonates with the expectations of Gen Z staff, offering them the chance to work on meaningful, strategic tasks rather than repetitive ones, creating a work environment that matches their aspirations for variety and impact.
The Future of Accounting: Strategy, Numbers, and AI
As we move forward, it’s clear that AI and Gen Z are reshaping the future of accounting. Firms that embrace these changes will not only increase productivity but also elevate the level of strategic support they can offer their clients with the clear message from Accountex that the time to act is now!
If you are an accountant or bookkeeper and want to talk to us about opportunities to partner with us book a free demo and chat today!
